D-to-c Jeweler Gemist Announces Seed Fund Round With Investment From De Beers
Direct-to-consumer jeweler Gemist has revealed its round of seed funding, with about $3 million coming from insider companies including De Beers Group Ventures and Entrada Ventures.
With this new injection of cash, the company — which allows consumers to design custom jewelry as well as at-home try ons — will look to scale its technology, design and consumer experience.
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Currently, founder and chief executive officer Madeline Fraser said that earrings are the brand’s strongest category and that Gemist has an approximate average order of $300, serving a base of primarily 24-to-35-year-old women. About 30 percent of the site’s consumers are men.
“We have really proven ourselves with our product and this round will help us start scaling. The way I look at us is growing our technology consistently, we are really a tech company at our core and everything we do is meant to make jewelry buying online easier. We have a lot of ideas in the pipeline that will make us better and better,” said Fraser. The company launched with about $1 million in funding.
Fraser added that the funds will also help Gemist hire more team members and grow its advertising, affiliate and marketing budgets, “to help bring our message to many more people that have not heard of Gemist yet,” she said.
Along with the funding, Gemist has revealed that Entrada Ventures’ managing partner Julie Henley McNamara and De Beers Group executive vice president of consumer and brands Stephen Lussier will join its board.
Gemist, unlike many of its d-to-c competitors, does not hold inventory and does not manage the overhead of retail or in-person showrooms. Rather, the company holds a limited stock of jewelry for its at-home try-on program, which Fraser said has grown 300 percent in the last year. Consumers pay a $45 refundable deposit to have sterling silver or gold-plated versions of Gemist designs, set with Swarovski crystal stones, shipped to their home to try for size, scale and feel. Then upon purchasing, the fine jewelry version is made-to-order and shipped.
“The good thing about Gemist is that we don’t hold inventory and so we are ready for that volume, we are ready to scale,” said Fraser. All of the label’s products are produced in Los Angeles of certified sustainable or responsibly sourced materials.
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